H.R. 1063

119 HR 1063 IH: Farm Credit Administration Independent Authority Act
 U.S. House of Representatives
 2025-02-06
 text/xml
 EN
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 I  119th CONGRESS  1st Session  H. R. 1063  IN THE HOUSE OF REPRESENTATIVES   February 6, 2025   Mr. Finstad  (for himself,  Mr. Panetta ,  Mrs. Miller of Illinois ,  Mr. Baird ,  Mrs. Fischbach , and  Mr. Moolenaar ) introduced the following bill; which was referred to the  Committee on Agriculture , and in addition to the Committee on  Financial Services , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned   A BILL
To affirm that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System.
1.
Short title
This Act may be cited as the   Farm Credit Administration Independent Authority Act  .
2.
Farmer loan data collection
(a)
In general
The Farm Credit Act of 1971 ( 12 U.S.C. 2001 et seq. ) is amended by inserting after section 4.19 the following:
4.20.
Small farmer loan data collection
(a)
Purpose
The purpose of this section is to affirm that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System.
(b)
Definition
In this section, the term  small farmer  means a  small farmer, rancher, or producer or harvester of aquatic products  as defined pursuant to section 4.19.
(c)
Collection of demographic data by Farm Credit System lenders
Notwithstanding any other provision of law, Farm Credit System institutions, pursuant to regulations promulgated by the Farm Credit Administration, shall—
(1)
request that loan applicants and borrowers that are small farmers disclose information identifying their race, sex, and ethnicity;
(2)
collect and maintain the information resulting from the requests; and
(3)
report to the Farm Credit Administration on an annual basis the information collected pursuant to the requests.
(d)
Directions to the Farm Credit Administration
The Farm Credit Administration—
(1)
shall collect the information gathered by Farm Credit System institutions under this section and make the information available to the public on an annual basis; and
(2)
shall not require, in prescribing regulations to implement this section, that any Farm Credit System institution contradict the wishes of a customer who does not wish to voluntarily report race, sex, or ethnicity by requiring the Farm Credit System institution to report the race, sex, or ethnicity of the customer based on visual observation, surname, or any other method.
(e)
Protection of personally identifiable information
In reporting the information collected under this section, the Farm Credit Administration shall not include any information that would reveal the identify of any loan applicant or borrower.
(f)
Effective date
This section shall apply only to applications received and loans made 1 year or more after the date of the enactment of this section.
 .
3.
Conforming amendment
Section 704B(h)(1) of the Equal Credit Opportunity Act ( 15 U.S.C. 1691c–2(h)(1) ) is amended by inserting  , other than any entity that is supervised by the Farm Credit Administration  before the period at the end.
4.
Cessation of compliance
If financial institutions subject to subpart B of part 1002 of title 12, Code of Federal Regulations, are not required to comply with the rule promulgated pursuant to that subpart, whether because a court invalidates the rule or the rule is otherwise repealed, the Farm Credit System institutions shall not be required to comply with any regulation promulgated pursuant to the amendments made by this Act.